Prosper offers a variety of ways to make loan payments. The most common way is through ACH transfers. You can set up autopay when you apply for the loan. Other payment options include paying over the phone, paying online, or mailing a check.
Prosper offers a variety of loans. Those include debt consolidation, home improvement, and small business loans. They offer military, special occasion, and vehicle loans. Some of the specific loans include adoptions, engagement rings, and baby loans. The Prosper website helps you know which loan is right for you.
There is a fee for making payments with a check. The fee is either five percent of your payment or $5, whichever is the least amount. You must add that fee into your payment. Otherwise, the money is withdrawn from the principal amount of your payment. Prosper applies the payment when the check arrives, not by the post date. To avoid late fees, mail the check with enough time.
Home Equity Lines of Credit are not available in all states. Currently, Prosper only offers these types of loans in Alabama, Florida, and Texas. The repayment length for HELOC loans is 10 or 15 years. The minimum monthly repayment is $75.
Qualifications to Apply for Prosper Loans
Loan Details For Prosper
There are no other fees when applying for a loan with Prosper other than the origination fee. That fee is 2.4% to 5%, depending on your loan terms. When you apply for a loan, be sure to factor in the origination fee. This ensures you will receive enough money for your needs.
Prosper started in 2005. It was the first peer-to-peer lending marketplace in the United States. This way of lending allows people to invest in each other. When someone applies for a loan with Prosper, investors can choose to invest in their loans. Investors receive returns on the money they invest, and borrowers receive their loan.
Over the years, Prosper has seen significant amounts of growth. They currently have:
Yes. You can apply for a loan online or over the phone by contacting customer service.
Prospers does not list a specific credit score.
The minimum loan amount is $2,000.
The maximum amount for Prosper loans is $40,000.
The term lengths range from three to five years.
Interest rates for Prosper loans range from 6.95% to 35.99%, depending on your qualifications.
Yes. Personal loans through Prosper offer fixed interest rates.
Prosper offers debt consolidation, home improvement, and vehicle loans. They provide special occasion, short term, and small business loans. The Prosper website will help you decide which loan is best for your needs.
You must provide a bank account, social security number, and address. Other personal information is necessary to check your credit and apply for a loan.
Underwriting and verification usually take seven business days. Prosper investors have up to 14 days to agree to fund your loan.
Once approved, your money is typically in your account within five business days.
You must wait 120 days before you apply for a loan again through Prosper.
You can make payments through ACH transfers, checks, or over the phone. You can also make manual electronic transfers online through your account.
Yes. There is not a fee for paying more on your loan each month or paying your loan off early.
Prosper security measures comply with federal laws. Their buildings are secure. Their computers and files have safeguards.
The Prosper website does not list an app.
Contact Prosper by phone, email, or mail. Customer service is open from 6 a.m. to 6 p.m. PT. You can follow Prosper on Facebook, Instagram, Twitter, and YouTube.